Seaspan on Tuesday confirmed that it had entered into ‘commitments’ with CSBC Corporation Taiwan to have constructed and to acquire the five containerships for an aggregate purchase price of approximately USD 550 million.

Concurrently with this newbuilding commitment, Seaspan signed a binding letter of intent with Yang Ming to enter into long-term, fixed-rate time charter contracts for these ships. The company disclosed that it expected to complete definitive time charter contracts with Yang Ming and definitive shipbuilding contracts with CSBC shortly.

The vessels are to be built at CSBC’s Kaohsiung shipyard and they are scheduled for delivery in 2016.

Over the course of 2015 and 2016, Yang Ming is thus to receive no fewer than 15 container ships of 14,000 teu from Seaspan.